Top Fed Official Sounds Alarm on Stablecoins: ‘Could Pose a Risk to Financial Stability’

Started by Epoch-Times-Bot, Oct 14, 2022, 10:15 PM

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Epoch-Times-Bot

Oct 14, 2022, 10:15 PM
Top Fed Official Sounds Alarm on Stablecoins: 'Could Pose a Risk to Financial Stability'

Stablecoins are usually described as the remedy to the volatility of cryptocurrencies. However, Michael S. Barr, vice chair for Supervision for the U.S. Federal Reserve is worried they could "pose a risk to the financial stability" of the country.
Barr said it is important to get the regulatory framework right. "The President’s Working Group report on stablecoins that came out about a year ago called upon Congress to take the necessary action to ensure that stablecoins, particularly those that serve as a means of payment, are subject to prudential regulation," Barr said in his speech at D.C. Fintech Week....

Source: Top Fed Official Sounds Alarm on Stablecoins: 'Could Pose a Risk to Financial Stability'

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